For Bank B, the interest is compounded monthly. Hence Principal

 

For Bank B, the interest is compounded monthly. Hence Principal = R2 000Time = 3 years 2 months = 38 monthsInterest rate = ???? = 0.0079167The amount obtained isS = P (1 + R) T S = 2000 (1 + 0.0079167) 38 S = R2 698.77

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